|Trophy for the winner of the |
Devaluation World Cup
Naturally, the dollar surged, and gold and silver were smashed lower. We say naturally, because it is only natural that hard, safe haven currencies such as gold and silver should crash after another round of devaluation of a major western fiat currency, right? Right!?
We have a new idea tonight- lets make a slight modification to the next World Cup- instead of futbol we'll just make official the global competition of who can devalue their currency to zero first.
AZUMI: JAPAN TOOK UNILATERAL STEPS TO WEAKEN THE YEN BECAUSE THE CURRENCY DIDN'T REFLECT FUNDAMENTALS
AZUMI: JAPAN WILL CONTINUE TO INTERVENE UNTIL HE'S SATISFIED (And then it will be Helicopter Ben's turn, then Europe's, repeat, etc.)
Silver has been smashed over a dollar already from $35.39 to $34.29. Gold has been taken down from $1745 to nearly $1700. As the intervention and subsequent metals take-down is occurring on Oct 31st (Samhain, or the PC version: Halloween ) in Asia and Europe, perhaps those who scoffed several weeks ago when a reader pointed out the correlations between prior silver smashes with occult "holy" days may wish to revisit the topic here.